You know those companies that buy Endowments from people? Are they any good?

[saltire]

We ahve been looking into cashing in our Endowment and using it to pay off a lump sum of the mortgage.
However, PIL suggested to DH that we use one of those companies that advertise to buy endowments.
I'm not 100% sure about this, but PIL says we would get more.

You should be able to phone whoever your endowment is with and get a surrender value (i.e. the amount they will give you if you surrender the policy right now). Make sure the figure they give includes any market value adjustment/reductions and is the actual sum you will receive.

Then phone a couple of traded endowment policy companies and see what they can offer you. Again, make sure you are discussing the value of the actual amount that will land in your bank account.

It varies from policy to policy, but it will become apparent very quickly whether selling it to a traded endowment policy company will make you more or less.

All of this ignores the debate about whether you would get more if you left the policy to mature - assume you have made the decision to definitely cash it in.

We have had a surrender figure (of actual amount) fromt eh company. However FIL told us, or rather DH that they got about £2000 more selling theirs off to some toehr company.
We have decided definately to cash it in, have taken financial advice etc.

Where do I start looking for a traded endowment company then?

Saltire have a look at www.apmm.org

Also websites like money saving expert and motley fool. Motley fool do have an article specifically about selling endowments.

A colleague of mine did a survey of them a few years ago (I do work in the most fascinating industry ), so I've got a list of a few:

1st Policy Co
A1 Policy Shop
Absolute Assigned Policies
CCM Policies
City Endowments ltd
Neville James
Policy Plus
Surrenda-Link ltd

All of these were FSA registered as at September last year.

Policy Plus was the one FIL used.